The Consumer Federation of America and Public Citizen have entered the fight between MassMutual and a Natick accountant who says bylaws proposed by the company would consolidate power over the company's governance with a small group of executives and directors while shutting out ordinary policyholders.

In a letter to MassMutual's board, the Consumer Federation and Public Citizen say the proposed changes are being "cynically promoted as consistent with 'best practices' to empower management while diminishing the rights of members."

A vote on the bylaws changes is scheduled to be part of MassMutual's annual meeting Wednesday, and has drawn the disapproval of policyholder Jessica Rule. Rule's attorney, Jason Adkins, expects to attend the meeting to push Rule's argument and ask the board to postpone action on the bylaws.

Related links:

Industries:

Comments

If you are commenting using a Facebook account, your profile information may be displayed with your comment depending on your privacy settings. By leaving the 'Post to Facebook' box selected, your comment will be published to your Facebook profile in addition to the space below.